Just as old as gambling itself is the saying ‘the house always wins’ and after reviewing the numbers, it’s fair to say this is an accurate call. According to the leading statistical data website, Statista, the global online gambling market generated 66.7 billion US dollars in revenue in 2020, and it’s expected to increase to over 92 billion US dollars in 2023.
One of the main drivers to lead this growth is the blossoming American market as more states legalize this activity. As the number of online casinos in the US increases, the market cap of this industry shows no signs of slowing down.
A closer look at the US online gambling market
New Jersey is the largest market for licensed and regulated online gambling in the United States, raking in over $225 million a year. This money comes from 12+ online casinos and poker rooms, and a wide range of sports betting apps and websites.
Perhaps the Garden State won’t keep its title for much longer. Pennsylvania, which is the country’s fourth-largest state, is currently the fastest-growing market in the US. It offers online casinos, including slots, blackjack, roulette, video poker and live dealer games, online poker and sports betting, among others.
Figures published by the American Gaming Association in 2017, revealed that retail gambling in PA amounted to over $3200 million, which was second only to Nevada. The state only legalized online gambling in 2019, but if it manages to capture a mere 10% of the retail market, the online sector will easily surge past Jersey to become the new kingpin.
When you add into the equation West Virginia, Indiana, Iowa, New Hampshire, and eleven other states that have legalized some forms of online gambling in recent years, the total worth of this market is already many billions.
Plenty of competition
The good news for players is the competitive landscape of the online gambling industry in each state. Currently, there is a good mixture of legendary Las Vegas brands, local casinos, and European gambling companies that are competing for every customer. The big names are forging partnerships to improve their offerings to customers, and to be ready to pounce as new states relax their laws. All of this delivers more value to players; bonuses need to be competitive with attractive terms and conditions, the range of games have to be up to date, and withdrawal times need to be snappy.
Furthermore, live casino gaming is really taking off in the United States. At first, it was handicapped as not to impede land-based casinos, but things have changed now. Evolution Gaming – the world’s premier live casino provider – has been granted licenses in multiple states and its portfolio is proving a major hit with players. Of course, the global pandemic has elevated the popularity of online live dealer games, and it remains to be seen how this form of gambling will compare once physical venues are in full swing again, but the signs are encouraging.